Central Bank of Libya to inject $300 million into card system, authorizes $100,000 quarterly transfers for small traders
via Libya Herald1 min read
The Central Bank of Libya CBL met with major local banks to address challenges in foreign currency sales, following an unexpected strengthening of the US dollar on the black market after cash dollar sales began. The CBL announced an agreement to inject $300 million into the card system and to accelerate cash dollar sales, expanding to more bank branches, including in southern Libya. Additionally, banks are now authorized to facilitate direct transfers of up to $100,000 every three months for small traders to import goods globally, effective tomorrow. Measures were also agreed upon to expedite Letters of Credit, card loading, and resolve large reservation bottlenecks, particularly at Aman Bank and Commercial Bank. These actions are part of the CBL's broader strategy with the government to strengthen the Libyan dinar, reduce living costs, and combat imported inflation.
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